FTSE gains, BOE taper indices expected to increase sterling in coming weeks
BOE’s taper indices are expected to increase the pound sterling in the coming weeks
Recent comments from Bank of England policymakers hinting that asset purchases may need to be cut earlier than expected in order to contain inflation are expected to boost the pound in the coming weeks, ING said. BOE’s Michael Saunders said on Thursday that the central bank may end its bond buying program to curb inflation early, after colleague Dave Ramsden expressed concerns about mounting inflationary pressures. A lack of data or central bank speakers on Friday could allow EUR / GBP to stabilize temporarily, but over the next two weeks it will likely fall below 0.8500 “if markets adopt more and more. plus a more hawkish stance at the August 5 BoE meeting, ”ING mentioned. EUR / GBP lost 0.2% to 0.8526, while GBP / USD rose 0.2% to 1.3858.
RBG Holdings 1H online trading with the views; Pay an interim dividend
RBG Holdings PLC said on Friday it continued to trade in line with market expectations for the first half of 2021 and that the board intended to pay an interim dividend.
Nucleus Financial 2Q Assets under administration Rose
Nucleus Financial Group PLC said on Friday that assets under administration rose 19% in the second quarter.
Burberry’s comparable first quarter sales and retail revenue increased, full-year guidance barely changed – Update
– Apart from the wholesale trade, which is now seen up by around 60% over one year in 1S, the annual guidance is unchanged
Pantheon Resources Shares Rise With Improved Alaska Well Resource Estimate
Pantheon Resources PLC shares rose as much as 15% at the start of trading on Friday after the company said a recent analysis of the SMD-B area of the Talitha A well in Alaska indicated higher resources than expected. initially thought so.
Luceco’s commercial performance in the second quarter continues to improve; Increase guidance 1H
Luceco PLC said on Friday that its business performance in the second quarter continued to improve and raised its guidance for the first half.
Renold’s FY2021 Profits Increased Despite Declining Revenue
Renold PLC said on Friday that its pre-tax profit for the year increased despite revenue affected by the coronavirus pandemic.
Ascential buys 51% of ASR Group’s digital content business for $ 122 million – Deal Digest
PURCHASER: Ascential PLC
Burford Capital Receives $ 103 Million Total Right from Akhmedov Matter
Burford Capital Ltd. said on Friday it had received the full cash rights of around $ 103 million in the Akhmedov case, boosting its operating profit in 2021.
X5 Retail 2T Sales increased 11%
X5 Retail Group NV said on Friday that second-quarter net retail sales increased 11% year-on-year and like-for-like offline sales increased 4%.
Kore Potash CFO resigns after 5 weeks for personal reasons
Kore Potash PLC said on Friday that CFO Jean-Michel Bour was planning to leave for personal reasons after just over five weeks in the job.
Burberry’s first quarter update was good, but investors aren’t too excited, says AJ Bell
0917 GMT – Burberry’s business update has a lot going for it as first quarter sales have returned to pre-pandemic levels, so it’s surprising investors aren’t more excited, the market analyst said AJ Bell, Danni Hewson. The UK luxury goods company’s share price fell on Friday morning, perhaps reflecting some disappointment that guidance for fiscal 2022 remains largely unchanged, concerns the company faces strong headwinds in currency movements and a veil thrown by the imminent departure of managing director Marco Gobbetti, said the brokerage house. “Investors will go through anything Gobbetti is not followed by the great designer Riccardo Tisci who has helped to rejuvenate the creative side of the business,” Hewson said. Shares are down 3.9% to 1,990 pence.
US approval of AstraZeneca’s Roxadustat unlikely
0911 GMT – The Food and Drug Administration’s Cardiovascular and Kidney Drugs Advisory Committee’s recommendation against pharmaceutical giant AstraZeneca’s new drug application for roxadustat is not binding but is likely to be upheld by the FDA, according to Shore Capital. The investment group says the move is not surprising, given AstraZeneca’s partner FibroGen said in April that roxadustat’s safety profile has become less convincing on the updated data. “We don’t expect roxadustat to be approved in the United States at this point based on existing data,” Shore said. Still, the investment group retains its buy rating on the stock and a fair value of 8,800 pence. Shares are down 1% to 8,264 pence.
Burberry’s resumption of sales in early fiscal 2022 could lead to upgrades
0906 GMT – Burberry came out of the blocks in its new fiscal year, hitting pre-pandemic sales levels across the board, said Investor Interactive’s Richard Hunter. The British luxury goods company appears to have benefited from some of the consumer savings accumulated around the world, mitigating revenue losses due to the lack of international travel, according to the online investment platform. The share price has also returned to pre-pandemic levels, rising 41% in the past year, compared to a 12% rise for the broad FTSE 100, according to the interactive investor. “Indeed, given the strength of the start of the new year, the long-held consensus in the stock market as a holding might even be subject to some improvement,” said Hunter.
BOE set to start reducing balance sheet after first rate hike
08:35 GMT – Recent communications from the Bank of England’s Monetary Policy Committee raise uncertainties about the sequence of expected policy tightening in terms of key rates versus the tightening balance sheet, according to HSBC. Its central argument is that a gradual reduction in the balance sheet will begin soon after the first rate hike in May 2022, ending or simply reducing QE reinvestments rather than outright sales. A second interest rate hike of 25 basis points would follow in November 2022, bringing the base rate to 0.50% at the end of 2022 from 0.1% currently. Another rate hike is likely in 2023. “While the inflation data holds some surprises, we believe that much of the positive news will prove to be transient and will not affect the inflation outlook 2-3 years to come, ”he adds.
Rio Tinto’s 2T disappointing, but stocks look cheap
0828 GMT – Rio Tinto’s second quarter production report was disappointing with significant year-on-year declines in Pilbara iron ore, bauxite and mined copper, but stock value looks cheap and capital returns important can be expected, said Jefferies. The Anglo-Australian Metals and Mining Company’s formal guidance ranges are unchanged, but the lower end of the range is most likely in iron ore, bauxite, and copper given various operational issues and the effect of the coronavirus pandemic, says Jefferies. That said, lower volumes could imply higher prices, especially for iron ore, and Rio is trading low, according to the US bank. Jefferies reiterates its buy rating on the stock and its price target of 7,600 pence. Shares are down 1.4% in London to 6,055 pence.
Burberry’s positive update in Q1 deflated by CEO’s cautious departure at year-end
0811 GMT – British luxury goods firm Burberry’s update would be generally reassuring, but uncertainty about top management transitions is likely to persist after news of its chief executive’s departure at the end of the year, is expected to persist. Citi said. Usually, Burberry’s retail sales in the first quarter have beaten wholesale forecasts and the wholesale forecast would be enough to drive a slight increase in profits, strengthen investor sentiment on the reality of the Burberry brand recovery and make it a reality. perfect day for stocks, but caution remains in order, according to the US bank. . “We believe that the strong heritage of the Burberry brand, its global reach, public listing and attractive compensation could attract many top candidates,” Citi said. Citi maintains a neutral rating on the stock, with a price target of 2,250 pence. Shares are down 3.4% to 1,999 pence.
Contact: London NewsPlus, Dow Jones Newswires; + 44-20-7842-931
(END) Dow Jones Newswires
July 16, 2021 05:36 ET (09:36 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.